Changing governments and a delicate political climate along with stricter and increasing regulation may affect the financial results or lead to the delay of further growth. Vopak closely monitors political developments and changes in legislation and regulations in the countries where it operates. These political, legislative and regulatory changes are recurring agenda items at progress meetings between local and divisional  management.  The  Executive  Board  regularly updates and evaluates the global risk list using information from both internal and external experts. International Protection Agreements apply between the Netherlands and the majority of the countries where Vopak conducts business. Country risk is always taken into account in the cost of capital  when  making  an  investment  decision.  Any  potential impairment risks are assessed regularly.